Best Hong Leong Finance Fixed Deposit Promotions & Interest Rates in Singapore – MoneySmart Review 2019
Want to grow your money without the risk? Fixed deposits are a great low-risk instrument. Just do research on the best interest rates, park your money in a fixed deposit of choice and wait for it to grow. Let’s check out Hong Leong fixed deposit promotions for November 2019 and see how they measure up against others in the market.
Hong Leong fixed deposit rates (Nov 2019)
|Hong Leong fixed deposits|
|Deposit amount||$20,000 to $49,999||$50,000 to $99,999||$100,000 and up|
|Tenure||3 / 12 months||3 / 12 months||3 / 12 months|
|Promotional interest rate||1.45% p.a. / 1.73% p.a.||1.50% p.a. / 1.80% p.a.||1.55% p.a. / 1.80% p.a.|
Hong Leong fixed deposit promotions
Hong Leong Finance’s latest fixed deposit promotion offers some fairly attractive interest rates on fixed deposits for 3- and 12-month tenures.
If you put in at least $20,000, you get an interest rate of 1.45% p.a. for 3 months, which is quite attractive for such a short tenure. This rises to 1.73% p.a. if you leave your money in there for 12months.
Got more money to spare? Put in $50,000 and you get 1.50% p.a. for 3 months or 1.80% p.a. or 12 months.
For these promotional rates, 1.80% p.a. is as high as it goes.
To enjoy the best Hong Leong Finance fixed deposit rates, deposit at least $50,000 for 12 months.
Hong Leong Finance’s fixed deposit rates, while decent, are not the best you can find in Singapore. However, they’re still way better than, say, DBS fixed deposits.
The only thing is that you’ll need quite a bit of spare cash to dump in there to benefit from the highest rate of 1.80% p.a.
The minimum deposit amount of $50,000 is considered on the high side with others offering similar (or better) rates for deposits of $20,000 or less.
Another thing to note: as mentioned above, the interest rate is the same (1.80% p.a.) even if you put in a generous $100,000 for 12 months. Hong Leong used to have better incentives for fresh deposits of up to $200,000, but not anymore.
Although no expiry date is stated, promotional fixed deposit rates typically last for a month before they are revised or renewed.
Hong Leong vs Maybank, ICBC and CIMB fixed deposit promotions
Hong Leong’s best promotional interest rate is 1.80% p.a. if you deposit at least $50,000 for 12 months.
Maybank fixed deposit promotion (Nov 2019)
- Interest rate: 1.88% p.a.
- Conditions: Minimum $20,000 deposit for 12 months. For every $10,000 you deposit, you must have $1,000 in your Maybank current/savings account.
ICBC fixed deposit promotion (Nov 2019)
- Interest rate: 1.85% p.a.
- Conditions: Minimum $20,000 deposit for 12 months. Online applications only.
CIMB fixed deposit promotion (Nov 2019)
- Interest rate: 1.80% p.a.
- Conditions: Minimum $10,000 deposit for 12 months.
Maybank’s 1.88% p.a. is the highest this month, but it’s troublesome in that you need to put cash in their current/savings accounts too.
ICBC has the next best rate of 1.85% p.a., and it’s relatively fuss-free. The only condition is that you have to apply online.
CIMB’s fixed deposit promotional rate is the same as Hong Leong’s 1.80% p.a., but it has a much lower minimum deposit of $10,000.
Would it be better to park your money in a high interest savings account instead?
When deciding if you should park your money in a fixed deposit, you should also check out high interest savings accounts as the most generous can sometimes offer even higher interest rates.
Some accounts to check out include the OCBC 360 account, which offers up to 3.45% interest if you’re able to satisfy their many requirements, as well as the UOB One Account, which offers interest of up to 1.50%, again subject to being able to satisfy their requirements.
Do note, however, that many of these savings accounts have a bonus interest cap, where if your deposit exceeds a limit of anywhere between $50,000 and $100,000 you won’t earn anymore bonus interest. So if you have $100,000 or more casually lying around then, Hong Leong Fixed Deposits may actually be a better choice.
Want to find out more about the best high interest savings accounts in Singapore? Read Your Savings Account Sucks, Here Are Some That Don’t – 2019 Edition on MoneySmart.
Do you currently put your money in fixed deposits? Share your recommendations in the comments!
Tags: Fixed Deposits